Mortgage and Financial News From 2008-3-16 Page 4

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• Fed approves lending rate cut to 3.25 percent (Houston Chronicle)

  The Federal Reserve, in an extraordinarily rare weekend move, took bold action Sunday evening to provide cash to financially squeezed Wall Street investment houses.
  2008-03-16 07:19:53

• As Economy Falters, So Do State Budgets (NYTimes.com via Yahoo! Finance)

  State officials are being forced to make difficult financial decisions, with few programs being spared from cuts.
  2008-03-16 07:39:13

• Bear Stearns sold to JPMorgan Chase under US Treasury pressure

  Times Online - As part of the deal, America's central bank has effectively underwritten $30 billion worth of Bear's toxic sub-prime mortgage ... 50 percent, effective immediately, and created another lending facility for big investment banks to secure short-term loans
  2008-03-16 05:51:00

• Miners push for coal price hike

  News.com.au - WITH coking coal price talks deadlocked just weeks ahead of ... loses its No 1 spot 4. May Budget cuts will target the rich 5. Mortgage stress hits rich
  2008-03-16 01:33:00

• Wall Street waits for the next domino to fall

  Stockhouse Canada - Mike Mayo, an analyst at Deutsche Bank, is forecasting a $3.5bn writedown by Goldman during the period due to its exposure to leveraged loans and commercial mortgage-backed securities.
  2008-03-16 02:45:00

• US bank bail-out panics markets

  News.com.au - Investors were now fearful of the potential for banks with a high number of bad debts and loans on their books to be ... Exports: Miners push for coal price hike Mortgage market: Big banks eye small end Childcare concerns: Groves settles Citigroup ...
  2008-03-16 01:33:00

• Moves to rubber stamp workplace laws

  News.com.au - THE Federal Government is moving to have its workplace ... loses its No 1 spot 4. May Budget cuts will target the rich 5. Mortgage stress hits rich
  2008-03-16 02:16:00

• Big banks eye small end

  News.com.au - A NEW report on the local mortgage market argues that Australia's four major banks are poised to swoop on the customers of ... 6. Dollar down on bank rescue 7. Divorce stifling home ownership 8. Eddy Groves sued over loans 9. US will 'do what it takes ...
  2008-03-16 01:33:00

• Washington Mutual CEO's pay cut on mortgage losses

  Reuters - Washington Mutual posted a $67 million annual loss in 2007 as it set aside money for souring home loans amid a worsening mortgage and credit crisis.
  2008-03-14 03:30:00

• Fed cuts US interest rates in surprise move

  News.com.au - THE US Federal Reserve in a surprise move has today lowered the discount rate it charges on direct loans to finance ... facility through it which will lend to other big financial companies to try offset the effects of the US sub-prime mortgage ...
  2008-03-16 05:08:00

• HUD Proposes Rules to Clarify Mortgages

  Washington Post - A federal proposal announced yesterday aims to give mortgage borrowers clearer information about their loans and encourage them to shop around for the best deals. Housing officials said borrowers' confusion about loan terms and closing costs has ...
  2008-03-14 08:09:00

• Government tactics

  On Line Opinion - Sub-prime loans are mortgage loans to people with low or no wages and no assets. One variant was called the ninja loan - no income, no job, no assets.
  2008-03-16 03:20:00

• U.S. Fed Cuts Discount Rate, Says Dealers May Borrow (Update3)

  Bloomberg - Last week the central bank agreed to emergency loans to a non-bank, Bear Stearns, for the first time since the 1960s. Fed officials also announced a program to swap $200 billion in Treasuries for debt including mortgage-backed securities.
  2008-03-16 05:58:00

• Paulson seeks to shore up financial confidence

  Marketwatch - In a speech last week, Bernanke said that the mortgage and banking industries should consider more "vigorous" actions to stem the tide of foreclosures, including reducing the size of many mortgage loans to reflect the lower value of the home.
  2008-03-16 02:59:00

• Search hundreds of franchises and business opportunities to find the ...

  USA Today - Chief Financial Officer Sam Molinaro says, "We are impacted in a weaker mortgage market until that industry turns around." -- June 18: Reports say Merrill Lynch seized collateral from a Bear Stearns hedge fund invested heavily in subprime loans ...
  2008-03-16 04:18:00

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